The term private loan lender would usually be associated with illegal money lender Singapore to most of us. The impression that these lenders gave us would be to take out a personal Loan with them, and only to be imposed with an unconscionable interest rate or terms that are not in our favour. If repayment is not done promptly, these illegal lenderswill resort to unscrupulous methods to get their money back. Harsh approaches such as padlocking of your house gates, or bloodied pig heads being hanged right outside of your residence, and even red paint being splashed with the infamous acronym, “O $ P $” which simply means, “Owe Money, Pay Money.”
We get to see such scenarios happen once in a while, but ever since the Monetary Authority of Singapore (MAS) stepped in and offer a limited amount of licensed to these lenders, many have toned down in terms of their collection approaches and interest rates. These Illegal Money Lender Singapore tend to target those who are in need and desperate for cash. Usually leveraging on those who are uneducated and not aware of what is going on would be victims to them under ridiculous terms that is out of this world.
Are Private Loan Lenders reliable?
Did you know that some private loan lenders could be one of the most Reliable Money Lenders in Singapore? As they are being curbed by the government in terms of a capped interest rate, repayment terms and fees, and even the collection method. These legal money lender in Singapore are licensed to borrow money to those who needs to take out an urgent loan to settle their personal financial troubles or issues. With a short approval waiting time, an interest rate that is much lower than most banks, and a flexible repayment method that is planned by the payee. You could even be walking out of their office with your instant cash loan right away!
If you are in need of a fast loan in Singapore, be sure to qualify a few money lenders who are licensed and legal in Singapore to loan out cash amounts, compare their interest rates as every company has different offerings. After making your comparison, you may check against their license number with MAS to confirm if they are legal to loan out instant cash loan before proceeding to take out a loan with them. At any point of time, even down at the office, if you are not feeling uncomfortable or you may feel that any of the terms is not in favour to you, talk it out with them. Else you are free to walk away at any point of time as you have no obligation to any legitimate money lender in Singapore to take out a loan with them if you find that you are not agreeable with their terms and conditions.
Be Thorough with The Terms and Conditions Provided by Private Loan Lenders
Go through the terms and conditions thoroughly before taking out a loan and be sure what you are in for. If you are confused or unsure, it is alright to get the loan consultants to explain to you again. Do not be afraid or scared as the loan is being taken out by you and you have all rights to know what you are in for.